Mechanism for retail shareholders to participate in the management of companies listed on the Tehran Stock Exchange and Iran Fara Bourse

The purpose of the research is to design a mechanism to increase the participation of retail shareholders in the management of enterprises. Through this increase, the improvement of corporate governance, the reduction of information asymmetry and the increase of the awareness of retail shareholders happen. After library studies, this research presented a model of participation of retail shareholders in the management of listed companies through a questionnaire and a survey of experts and retail shareholders, and the model was confirmed through the fuzzy Delphi method. In the proposed model, retail shareholders can buy and sell their voting rights close to the annual meeting through a SPC. Therefore, during this process, the shareholders who want to have the power to exercise more votes in the annual meeting, buy the voting rights of other retail shareholders. In addition, they are able to choose a representative from among themselves to be on the company's board of directors by using the platform provided in the proposed model through their voting coalition. By implementing such a mechanism, it will be possible to obtain 511 board seats by retail shareholders in listed companies. The results of the research showed that the proposed model will increase the motivation of retail shareholders to participate in meetings, increase the awareness of shareholders and improve transparency.